Defining and managing a strong go-to-market strategy is critical for your business. Unfortunately, too many companies fail to focus on their go-to-market strategy as a competitive advantage.
Type in “go-to-market” in Google, and you will get this definition from Wikipedia:
“Go-to-market or go-to-market strategy is the plan of an organisation, utilising their inside and outside resources, to deliver their unique value proposition to customers and achieve competitive advantage.”
While technically accurate, this definition does not explain why you need a great go-to-market strategy to compete in today’s world.
We are seeing a fundamental shift in how people buy. Today’s buyer is more knowledgeable than ever before. At the same time, information about almost anything is becoming more and more available.
Unless the purchase is a real impulse, customers form opinions on a solution source well before they engage with a brand overtly. They seek reviews from peers and experts. They research features and capabilities between competitors. This is even more so in a B2B landscape. The potential customers make judgments on a vendor’s ease of doing business and commitment to the customer. They form a compelling opinion based on their experiences.
This new dynamic is two-fold. Product innovation gets you a seat at the table. But it is your go-to-market experience that closes the sale and creates a customer.
It is your go-to-market strategy that builds sustainable competitive advantages
How you define and manage relationships to build experiences that win customers is perhaps a more accurate definition of a go-to-market strategy.
Here are some tips from the trenches that will help you build an effective GTM strategy and ultimately set your business on the early road to success:
1. Think about your GTM strategy as part of your innovation process.
Innovation applies not only to your product development but also to your GTM strategy. Entrepreneurs should think about product and GTM strategies in parallel as they influence one another. If your GTM strategy is simply “we will buy ads on Google,” your startup is doomed. Hundreds of tools buy ads on Google. Your product needs a unique and authentic value proposition and a related plan that is highly targeted
2. Create an ‘unfair’ business advantage.
Every successful startup founder sees something no one else noticed. And the most successful of those companies break the rules (not the laws) to create “unfair” business advantages that solve authentic problems. Look for unsolved problems and imagine making the impossible possible—that’s the genesis of an unfair business advantage.
3. Focus on customer fit.
No matter how unique a product is in its features or look and feel, it needs to solve a core problem to be successful. If the problem is unclear or without merit, the product will feel irrelevant no matter how well it works. Similarly, if the product is oriented to the wrong problem, no one will buy it. Do your research to make sure the market is there and that the product provides value to the segments it serves.
Many founders are laser-focused on creating innovative products. This drive is admirable, but to be successful, those innovative products must perform in the market. For market success, RightPath has a team of experienced marketeers who have helped multiple companies execute a well-designed, well-implemented GTM strategy which is a very critical piece of the puzzle.